Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced the sale of Griffin Park, an 178-unit apartment property located in Lakeland, FL, according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $17,500,000.
Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM, investment specialists in Marcus & Millichap’s Tampa office, secured and represented the buyer, a private investor.
“Griffin Park is a 1970’s vintage, mid-rise apartment community in Lakeland, Fla., which is one of only a handful of cities nationwide within a 3-hour drive to a population of over 20 million. The asset was fully-stabilized at the time of sale with solid rent collections in both April and May and satisfied a much-needed 1031 exchange requirement for the buyer,” says Shawn Rupp.
“Of the eight transactions our team has closed since the onset of the pandemic lockdowns, this was the most challenging yet. All parties to the transaction worked tirelessly to get it done. Our team will work with the buyer to implement strategic renovations to take advantage of this incredible location and its high concentration of industrial distribution and warehousing jobs, which are in high demand now and in the future,” adds Casey Babb, CCIM.
Griffin Park is located at 1013 Griffin Road in Lakeland, Fla. The property was recently renovated in 2015 and features amenities such as cornhole courts, community courtyard, fitness center, playground, and pool. Griffin Park is positioned in proximity to several essential regional economic drivers, including Florida Polytechnic University, Lakeland Regional Medical Center, Legoland, and Publix Supermarket Headquarters.